Prepare financial statements, Accounting Basics

Accounting information systems' output is required by external and internal users for decision making. you are required to use the following trial balance to prepare financial statements suitable for external and internal users of information.


                                                                       dr                                          cr
1000 Cash                                                     16,270,000
1300 Debtors                                                     220,000
1400 Research fees receivable                            400,000
1600 Supplies inventories                                   510,000
1800 prepaid insurance                                        27,500
2100 land                                                       2,000,000
2200 Building                                                 6,000,000
2300 Accumulated depreciated-building                                                           50,000
2400 Equipment                                             7,200,000
2500  Accumulated depreciated-equipment                                                      120,000
3400 Salaries and wages payable                                                                    60,000
3500 Interest payable                                                                                      31,400
3700 services to be rendered for deposit-received                                              5,500,000
4000 Notes payable                                                                                      6,500,000
5000 capital                                                                                                20,000,000
6000 Revenue from services rendered                                                              1,420,000
7000 salaries and wages expenses              660,000
7200 supplies expenses                              90.000
7300 depreciation-expense-equipment          120,000
8000 Depreciation-expense-building               50,000
8100 Insurance expense                                 2,500
9000 Interest expense                                  31,4000
                                                               33,681,400                                33,681,400
1.salaries and wages owing         #40,000
2.Prepared insurance expenses       2,000
3. provide for company's income tax at 30%
4.provide 1%dividend on 20,000,000 ordinary issued shared capital.

Posted Date: 2/25/2013 11:00:20 AM | Location : United States







Related Discussions:- Prepare financial statements, Assignment Help, Ask Question on Prepare financial statements, Get Answer, Expert's Help, Prepare financial statements Discussions

Write discussion on Prepare financial statements
Your posts are moderated
Related Questions

Explain in brief about the purchases account  keeps a record of cost of merchandise purchased for resale during an accounting period. Assets are recorded as assets-not pu

Q. Example of Periodic inventory procedure? Periodic inventory procedure Merchandising companies selling small unit value merchandise such like nuts and bolts Christmas cards n

When we say an asset is at its Net Book Value, Does that mean Cost of asset + Revaluation added - Accumulated Depreciation or Revaluation is not relevant for calculating the NBV?

Glaser Services obtained 30% of the outstanding common stock of Nickels Company on January 1, 2008, by paying $864,180 for the 48,010 shares. Nickels stated and paid $0.50 per shar

Q. Gain and loss recognition principle? The gain and loss recognition principle states that we record gains merely when realized but losses when they first become evident. Ther

Q. Explain about business entity concept? A business entity perhaps made up of several different legal entities. For example a large business such as General Motors Corporation

Has accounting become too interesting? In recent years, accounting has become front-page news and has been a key talking point among those connected with world of business. Reg

"Periodic Review" is the suitable method of controlling stock in hotel bar.

Examine the present system and recoginize specific weaknesses that must be addressed by a new improved system. As part of your analysis, prepare data flow diagrams (context, log